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Stock Market Sets Records, Signaling Optimism for 2021

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Stock Market Sets Records, Signaling Optimism for 2021 P2JW056000-6-A00100-17FFFF5178F ****** THURSDAY,FEBRUARY 25,2021~VOL. CCLXXVII NO.45 WSJ.com HHHH $4.00 DJIA 31961.86 À 424.51 1.3% NASDAQ 13597.97 À 1.0% STOXX 600 413.21 À 0.5% 10-YR. TREAS. g 7/32 , yield 1.388% OIL $63.22 À $1.55 GOLD $1,796.40 g $8.00 EURO $1.2171 YEN 105.85 Lawmakers Take the Field to Keep Their Distance McKinsey What’s News Partners Vote Out Business&Finance Leader cKinsey’s partners MvotedtoremoveKeviN Kevin Sneader, who Sneader as the consulting firm’sleader afterinternal had tightened controls dissatisfaction over steps he following crises, fails took following aseries of crises forthe company. A1 to win a second term TheDow rose 1.3% to are- BY JUSTIN SCHECK cord,while the S&P 500 and AND VANESSA FUHRMANS Nasdaq gained 1.1% and 1%, respectively.The Russell McKinsey &Co.’s partners 2000 jumped 2.4%. A1,B10 votedtoremoveKeviN CustomersinTexas’ dereg- Sneader as the eliteconsulting S ulated electricity market have firm’sleader,after internal paid $28 billion morefor elec- PRES dissatisfaction over stepshe tricity over two decades than TED took following a series of cri- CIA they would have at therates SO ses forthe firm, people famil- chargedtoresidentsserved AS iar with the matter said. A/ by traditional utilities. A1 UP The decision—the result of KR astaggered voting process WeWork co-founder and that McKinsey’s approximately ex-CEONeumann is settoreap 650 senior partners undertake an extra$50 million windfall CHARLES PRIME SEATS: New Hampshire legislators attend a state House of Representatives session at a sports center in Bedford, everythree yearstochoose or and other benefitsaspart of N.H., Wednesday in order to keep all 400 members a safe distance from each other during the pandemic. reconfirm the firm’sglobal an agreement that would set- managing partner—marks the tle adisputewith SoftBank. B1 firsttime in decades that a Fed Chairman Powell, McKinsey leader hasn’t wona in House testimony, under- second term. Mr.Sneader,who scored his determination wasvoted global managing to return the U.S. labor Stock Market Sets Records, partner three yearsago, failed market to full strength. A2 to makeitpast the firstround of voting,inpart because Verizon secured more partners chafed at changes than half of the wirelessair- aimedatkeeping McKinsey waves offered in a govern- Signaling Optimism for 2021 free of scandal, but limited ment auction that racked up partners’ autonomy, the peo- arecord$81 billion in bids. B1 ple said. Foxconn agreed to assem- BY AKANE OTANI forfunds from consumersand economywould maketech less pent-up consumer demand, on McKinsey advises some of ble cars forelectric-vehicle businesses,and inflation ex- attractive—in effect, that the a background of near record- the world’sbiggest companies startup Fisker,expanding fur- Markets are signaling that pectations areatmultiyear economic outlook wastoo low interest rates, will at last along with governments. The ther intothe autosector. B1 an economythat plunged into highs.The priceofeverything good. But FedChairman Je- kick-start economic growth firm didn’t make Mr. Sneader itsdeepest recession in de- in markets, from abarrel of oil rome Powell reiterated on and inflation that were elusive available for comment. Hong Kong moved unex- cades ayear agoisready to to ashareofmall retailer Tuesday that low rates would in recent years. Mr. Sneader, a 54-year-old pectedly to raise taxesoN take off. GameStopCorp.toabitcoin, be around foralong time. As the U.S. moves past the Scot and McKinsey veteranof sharetrading by 30%, as Major U.S. stock indexes seems to be going up. Tech stocks promptly bounced. pandemic,marketsare fore- more than three decades, has the city’s stock-exchange have set 32 record highs in And momentsofcaution Theeverything rally shows PleaseturntopageA2 spent much of his tenure try- operator unveiled record 2021,including Wednesday’s have been short-lived. Earlier investorsbelievethe funis ing to movethe firm past con- sales and profits. B1 424-point surge by the Dow this week,investorssold tech- just getting started. They be- Fed chief vows support for troversies around McKinsey’s Australian legislation ef- industrials to 31961.86. Long- nologystocks,concerned that lieveacombination of more labor market............................... A2 previous work with clients, in- fectively requiring Facebook term bond yields arerising, the rising long-term interest fiscal stimulus,more-extensive Stocks jump on Powell’s cludingthis month’s$573mil- and Google to paynewsout- showing increasing demand ratesbrought by an improving Covid-19 vaccinations and reassurance............................... B10 PleaseturntopageA4 letsfor content cleared itslast big parliamentaryhurdle. B1 World-Wide TexasShift INSIDE Lumber PricesAre S Johnson & Johnson’s Cost Power PRES single-dose Covid-19 vac- Soaring,but Tree cine works safely, the FDA TED OCIA said, paving the way for Customers SS the agency to authorize a /A Growers AreAiling third vaccine in the U.S. as CK early as this weekend. A1 WDHURI/REUTERS $28Billion EBENHA CHO Moderna said it has made M. DE the initial batch of doses of a K Sawmill operators harvest gains while Covid-19 vaccine designed to BY TOM MCGINTY PA RU PHELAN betterprotect against anew AND SCOTT PATTERSON forest owners in South face surplus strain of the coronavirus. A7 SPORTS BUSINESS&FINANCE CustomersinTexas’ dereg- family businesshas about Biden signed an order di- Afterinjuries in car Retailerssqueezed by BY RYAN DEZEMBER ulated electricity market, AND VIPAL MONGA 70,000 acres of slash pine recting abroad reviewof crash, questions about pandemic face new which leftmillions in the dark near the Okefenokee Swamp. supply chains forcritical another Tiger Woods round of credit-card materials—from semicon- last week,havepaid $28 bil- TWIGGS COUNTY,Ga.— “I’m not making anything,” lion more for electricity over comeback loom. A14 feeincreases. B5 Thepandemic delivered an Mr.Hopkins replied. ductorstopharmaceuticals two decades than they would unexpected boon to the lum- Timber growers acrossthe and rare-earth minerals. A2 have at therates chargedto ber industry. Hunkered-down U.S. South, wheremuch of the TwoSenate committees state residents served by tra- homeowners remodeled en nation’slogsare harvested, delayed votes on Neera ditional utilities,aWall Street masse and lowmortgage have gained nothing from the Tanden, Biden’s choice for Journal analysis has found. J&J One-Dose Va ccine ratesdrove demand forsub- run-up in prices forfinished OMB chief, whose nomina- Nearly 20 years ago, Texas urban housing.Lumber sup- lumber.Itisthe region’ssaw- tion appearstobeinperil. A4 shiftedfromusing full-service Found Effective by FDA plies tightened up and prices mills,including manythat William J. Burns,the regulated utilities to generate smashed records. have been bought up by Ca- president’spick to lead the powerand deliver it to con- “You must be making alot nadian firms,that arehar- CIA,told aSenatepanel sumers. Thestate deregulated BY THOMAS M. BURTON tions and deaths while staying of money,” an AceHardware vesting the profits. powergeneration, creating the AND PETER lOFTUS aheadofanynew variants that storemanager told timber Sawmills arerunning as that he would intensifythe system that failed last week. threaten to evadetreatment. growerJoe Hopkins, whose PleaseturntopageA10 agency’sfocus on China. A4 And it required nearly 60% of Johnson &Johnson’ssingle- Health authoritieshavebeen Biden announced three consumerstobuy their elec- dose Covid-19 vaccine works looking forwardtoadding anew nominees to the Postal Ser- tricity from one of manyretail safely,the U.S. Food and Drug Covid-19 vaccine to their arse- vice’sboard, amovethat powercompanies,rather than Administration said Wednes- nal. J&J’sshot wasn’t quiteas came as aHouse panel heard a local utility. day, paving the way forittoau- effectiveinits late-stagetrial as testimonyfromDeJoy. A4 Those deregulated Texas thorizeathirdvaccine in the the pair already in use,but it Thepresident revoked residential consumerspaid U.S. as early as this weekend. worked safely by anumber of most immigration restric- $28billion morefor power Thevaccine was66.1% effec- measures,the FDAsaid, afterre- THE THREAT since2004 than they would tiveinpreventing moderateto viewing a44,000-subject study. tions that Trump imposed have paid at the ratescharged severedisease and appeared J&J’svaccine “met the pre- last year in response to the to utility customers, according safe, the FDAsaid, and the shot specifiedsuccess criteria” for coronavirus pandemic. A2 OF EXTORTION to the Journal’sanalysis of also showedtantalizing signs of PleaseturntopageA7 Afederal judgerejected data from the federal Energy slowing the spread of the virus. atelecom-industrychallenge PleaseturntopageA6 Health authorities areseeking Moderna sends new variant to California’snet-neutrality to pick up the paceofvaccina- shot to NIH for testing........ A7 IS REAL. law, clearing the way forthe Texas grid was minutes from tions and trying to lock in gains Ghana is first to get vaccine statetobegin enforcing the complete failure....................... A6 reducing daily cases,hospitaliza- under WHO plan...................... A8 consumer protections. A3 Don’t Negotiate.Mitigate. AGerman court secured the world’s first conviction Grab Nice Pants—The Boss Is at Your Door With aGift of a former Syrian official in relation to state-sanc- iii tioned torture. A9 Executivesreadpoems, makes’mores,‘baa’ likegoats to liftmorale Anew
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